Main Ro purchases in Q3

The

Royce International Premier Fund (Trades, Portfolio) recently released its 13F portfolio updates for the third quarter of 2021, which ended on September 30.

The fund operates under the aegis of Royce Investment Partners, the company founded by

Chuck royce (Trades, Portfolio) in 1972. It aims to build a portfolio of high-quality, world-class, non-US small-cap companies that are acyclical producers, can generate lots of free cash and have a “genuine and defensible” moat. The portfolio is managed by Mark Rayner and Mark Fischer.

Based on the company’s last 13F, its main purchases for the quarter were BML Inc. (EST: 4694, Financial), OBIC Business Consultants Co. Ltd. (IS: 4733, Financial), Douzone Bizon Co. Ltd. (XKRX: 012510, Financial), NICE Information Service Co. Ltd. (XKRX: 030190, financial) and GVS SpA (MIL: GVS, Financial).

BML

The fund established a position of 413,100 shares in BML (EST: 4694, Financial), giving the company a weight of 1.30% in the equity portfolio. During the quarter, the shares traded at an average price of 4,214.92 Japanese yen ($ 37.01).

BML, or Bio Medical Laboratories, is a Japanese company that operates medical laboratories and develops software for clinical tests. It operates Japan’s largest nationwide laboratory services network, leveraging its scale to collect data and improve processes.

On October 21, BML shares were trading around 4,100.00 yen for a market cap of 165.03 billion yen. According to the GuruFocus Value chart, the stock is valued at its fair value.

The company has a financial strength rating of 8 out of 10 and a profitability rating of 8 out of 10. No long-term debt allows the company to achieve a Piotroski F-Score of 8 out of 9, which represents a very healthy financial situation. The return on invested capital is consistently higher than the weighted average cost of capital, which means that the company creates value as it grows.

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OBIC Business Consultants

The fund increased its investment in OBIC Business Consultants (IS: 4733, Financial) by 248,300 shares, or 79.08%, for a total of 562,300 shares. The transaction had an impact of 1.05% on the equity portfolio. The shares traded at an average price of 5,855.08 yen during the quarter.

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OBIC Business Consultants is a Japanese developer of business solutions software. Its products include accounting software, the “Bugyo series” of business PC software packages, computer supplies and peripheral equipment such as PCs and communications devices.

On October 21, OBIC shares were trading at around 5,830.00 yen for a market cap of 411.52 billion yen. According to the GF Value chart, the stock is valued at its fair value.

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The company has a financial strength rating of 9 out of 10 and a profitability rating of 9 out of 10. The Piotroski F-Score of 7 out of 9 and Altman Z-Score of 10.83 show a fortress-type track record. Operating margin of 44.24% and net margin of 33.06% surpass 95% of competitors in the industry.

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Douzone Bizon

The fund recovered 136,800 Douzone Bizon shares (XKRX: 012510, Financial), giving the company a weight of 0.92% in the equity portfolio. During the quarter, the shares traded at an average price of 90,243.10 South Korean won ($ 76.55).

Douzone Bizon, based in South Korea, is a leading information, communication and technology (ICT) company that develops software for e-commerce solutions, strategic business management and custom software solutions for small and medium businesses.

On October 21, Douzone Bizon shares were trading at around 94,800.00 won with a market cap of 2.88 billion won. According to the GF Value chart, the stock is valued at its fair value.

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The company has a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10. The cash-to-debt ratio of 0.25 is lower than 88% of its industry peers, but the Altman Z-Score of 5 , 58 indicates that the company is not in danger of bankruptcy. ROIC is typically higher than WACC, which means the company creates shareholder value.

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NICE Information Service

The fund increased its stake in NICE Information Service (XKRX: 030190, Financial) by 553,400 shares, or 67.6%, for a total of 1,372,000 shares. The transaction had an impact of 0.79% on the equity portfolio. The shares traded at an average price of 22,846.90 won during the quarter.

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NICE Information Service is a South Korean provider of credit information services. It is primarily engaged in the business of credit scoring, debt collection, personal credit, corporate information, asset management, data analysis and other financial services.

On October 21, NICE shares were trading at around 19,950.00 won with a market cap of 1.20 trillion won. According to the GF Value chart, the stock is valued at its fair value.

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The company has a financial strength rating of 8 out of 10 and a profitability rating of 8 out of 10. The interest coverage ratio of 144.49 and the Altman Z-Score of 10.05 show that the company should have zero. problem paying off debt. The company has a three-year revenue per share growth rate of 7.4% and a three-year EBITDA per share growth rate of 16.5%.

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GVS

The fund added 416,677 shares, or 41.73%, to its stake in GVS (MIL: GVS, Financial) for a total of 1,415,112 shares. The transaction had an impact of 0.49% on the equity portfolio. During the quarter, the shares traded at an average price of 13.87 euros ($ 16.12).

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GVS is an Italian manufacturer and distributor of filters and components for various industries including healthcare, life sciences, automotive, household appliances, safety and industrial filtration. In addition to its customizable prefabricated solutions, it also offers bespoke product development services.

On October 21, GVS shares were trading around 11.39 euros for a market capitalization of 1.99 billion euros. According to the Peter Lynch chart, the stock is trading above its intrinsic value but below its historic median valuation.

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The company has a financial strength rating of 7 out of 10 and a profitability rating of 5 out of 10. The cash-to-debt ratio of 1.32 and the Piotroski F-Score of 8 out of 9 indicate a very healthy financial position. Operating margin of 32.72% and net margin of 21.42% surpass 96% of their industry peers.

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Portfolio overview

At the end of the quarter, the fund’s stock portfolio consisted of 61 stocks valued at a total of $ 1.21 billion. The main holdings were IPH Ltd. (ASX: IPH, Financial) with 3.86% of the equity portfolio, TKC Corp. (IS: 9746, Financial) with 2.92% and Meitec Corp. (EST: 9744, financial) with 2.64%.

In terms of sector weighting, the firm was the most invested in industry, technology and basic materials.

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